IFFS Blog

I don’t know how a firm like Integrity First CPA’s can blog without taking note of—and commenting on—the proposal by current GOP frontrunner for President of the US, Herman Cain. Mr. Cain is proposing scraping the US Tax Code altogether and replace it with a 9-9-9 tax plan: 9% sales tax, 9% on income, and 9% on corporations.

One of the things I learned in college came from a fellow-classmate, an upperclassman about to graduate; his sage advice to me was this: do not to take courses, but rather take professors. In other words, when you find a professor who can teach, who can inspire creativity and a drive to learn, you do better and you’ll actually learn more. I applied this lesson all throughout my higher educational career, as well as into my professional practice—namely, by being choosy about the articles and journals that I read and the blogs that I follow.

We love Oregon. When many others have abandoned the state for drier, warmer, or more business-friendly, we stay put. We Voodoo donuts, we like dodging the bikes in and out of Portland traffic, being green(-ish) to the point of religious fervor, doing business in a coffee-shop, and until recently, having a shared political leadership at the Legislature.

When I was in high school, one of my classes had as a project that we would pick some stocks, buy $1,000 worth (with play money, of course), and chart our progress over the course of the year. It piqued my interest in corporate finance. Turns out, I was pretty good at picking stocks. That skill translated into real life when I started buying real stocks with actual US dollars. When I sold, my broker congratulated me on my keen ability to pick rising stars. I paid for my hobbies in college and law school in this manner (and loans and generous gifts from the family…)

Every now and then we read through the business decisions issued by the Oregon Tax Court. It’s mostly dry and dull reading, and frankly it’s mostly dismissals (for folks who appeal, but fail to show up for the trial).

But late in August a decision came out that makes clear the need to seek counsel—both legal and financial—when making even ordinary, everyday financial decisions, and to hire a professional business tax preparation firm.

‘Tis the tax prep season…again. Most folks are not aware, but tax preparation season has four parts. There is, of course the most commonly recognized 15th of April deadline, which would actually be part 2. Part 1 of tax season is the 15th of March when corporate returns are due. But corporations and individuals often want to file extensions, which means that Act Two of the Tax Year comes into play…and it, like Hurricane Irene, are about to hit hard!

Are you tax planning? If so, the good news is that the IRS, in an attempt to relieve the pressure of increased fuel costs, has raised the mileage allowance from 51 cents to 55.5 cents, starting July 1st.

The bad news is that gasoline costs have increased by multiples of the extra 4.5 cent allowance. Sigh.

But it’s at least something, right?

But then again, the entire US government and financial structure might come tumbling down next week, so what does it matter, really?

Last Friday the Strategic Economic Development Corporation (SEDCOR) held its annual golf tournament at Illahe Hills Country Club. Integrity First CPA’s (IFCPA) was privileged enough to be able to sponsor the 15th hole. It’s an awesome way to spend a Friday, let me tell you! We rate the event as a resounding success.

It appears that there’s a new bubble percolating among tech companies. This time, however, we’re not talking the tech start-ups whose bubble burst in the late ‘90s, with their lack of business plans and no prospect of profitability. What we’re seeing today are companies with something of a track record, but still provide a roller-coaster ride in terms of pricing fluctuations. Companies like Groupon, LinkedIn, even Facebook—which is valued at $75 billion. Yeah, that’s a “B”.